In a recent analysis by PYMNTS.com, the evolving landscape of artificial intelligence (AI) and automation is seen to profoundly influence business practices across various sectors. The publication has gathered insights from interviews with industry leaders, highlighting key trends and challenges being faced in 2024, with a focus on innovative applications of technology that are reshaping customer engagement and operational strategies.
Duncan Wardle, former head of innovation and creativity at Disney, emphasised the changing paradigms for innovation in business. While promoting his new book, “The Imagination Emporium: Creative Recipes for Innovation,” he noted, “We say the biggest barrier in innovation is, ‘I don’t have time to think.’ That’s not true. The biggest barrier to innovation is our own river of thinking.” Wardle elaborated on how external disruptors, including the pandemic, the emergence of Gen Z in the workforce, and the growing importance of climate change and AI, necessitate a shift in the traditional modes of thought that have held sway in the banking and finance sectors.
In the retail landscape, CVS Pharmacy has identified that excessive loyalty programs can hinder customer experience, prompting the company to refine its ExtraCare loyalty program. Zach Dennett, vice president of merchandizing at CVS Health, explained that this initiative arose from customer feedback indicating that the proliferation of programs was cumbersome. “We heard from some of our members that they found value in our loyalty programs, but that the multiple programs could be hard to manage,” Dennett disclosed. The integration of four distinct programs into two tiers aims to deliver a more seamless and user-friendly experience for consumers.
Meanwhile, Sonos has adopted a counterintuitive approach by making its checkout process more elaborate in response to the preferences of its customers. Sean Knotts, senior director of global commerce at Sonos, stated that user testing revealed that adding extra steps to the checkout process actually improved user confidence in purchasing high-value items. “Moving away from the very ubiquitous single-page checkout flow to a three-step design... was actually 4% easier for users to navigate,” Knotts noted, indicating a thoughtful alignment with buyer behaviour patterns.
In the healthcare sector, changes brought about by the pandemic have led to a dramatic shift in how patients engage with care providers. Pfizer's launch of the PfizerForAll™ platform aims to facilitate easier access to healthcare information and guidance, a response to the confusion that arose during the pandemic. James Allen, vice president of U.S. Channel Management and Partnerships, Primary Care at Pfizer, remarked, “The basic information of ‘what to do next’ if you are seeking care and looking for guidance is hard to come by,” highlighting the need for streamlined patient pathways in the post-COVID environment.
Cybersecurity remains at the forefront of concerns for financial institutions; however, the integration of technology into security strategies presents both opportunities and challenges. Alicja Cade, director of financial services in the Office of the CISO at Google Cloud, stressed the importance of viewing cloud computing as a transformative strategic enabler rather than simply a new technology. “Organizations still tackle cloud integration with the perspective of ‘this is a new technology we are implementing,’ rather than focusing on how this is transforming the organization and its strategy and operations,” Cade explained, underscoring the necessity for alignment between technological implementation and overall business strategy.
As AI and automation continue to shape the business landscape, the insights gathered from industry leaders illustrate the complexities of adapting to these changes. The evolving expectations of consumers, alongside the drive for innovation in engagement and operational efficiency, are defining the future trajectory of business practices across multiple sectors.
Source: Noah Wire Services